The Indian rupee showed slight weakness throughout September, beginning the month at about ₹88.10 per dollar on September 1 and ending at ₹88.79 per dollar on September 30, according to Morningstar data.
During the month, the rupee traded within a narrow range but reached an all-time low of ₹88.81 per dollar on September 29 before recovering slightly.
Overall, the currency has fallen by ₹0.69 since the start of the month, representing a decline of approximately 0.78% against the US dollar.
The Indian rupee is nearing its all-time low this month, at 88.79 against the US dollar. This marks the second notable decline of the rupee this month, dropping from 88.81 to 88.79 today.
According to analysts, the rupee has spent the past few days moving within a narrow range, hovering around its previous all-time low of 88.70, a clear sign of how fragile sentiment remains.
The currency seems eager to find a direction, but each time it gains momentum, Donald Trump intervenes with another twist, keeping the market on edge.
Just when markets thought they had priced in his tantrums on visas and branded drugs, U.S. President Donald Trump took his ‘tariff trail’ to a new stage—the film industry,
Not stopping there, he also vowed to impose tariffs on furniture imports, after announcing levies of up to 50% just last week. The tariff drama shows no sign of slowing, leaving markets bracing for new disruptions.
While Trump’s tariff saga continues, Washington faces another crisis. With U.S. government funding set to run out at midnight on Tuesday, Republicans and Democrats remain deadlocked, raising the risk of a shutdown starting Wednesday, the first day of the new fiscal year.
“Such episodes typically affect the dollar, but this time the risk runs deeper. At the same time, this could support emerging market currencies, including the rupee,” said Amit Pabari, MD and CEO, CR Forex Advisors.
Closer to home, the market stays cautious ahead of the RBI’s Monetary Policy Committee decision on Wednesday. The panel is widely expected to keep things as they are in its October meeting, scheduled between September 29 and October 1.
“The tilt appears slightly in favour of appreciation, with supportive rate dynamics and optimism from ongoing trade discussions lending strength. Resistance for the rupee is placed in the 89.00–89.20 region, while support holds around 88.40,” said Pabari.
